# In the matter of Nandanam Tiles And Sanitaries Pvt Ltd

> NCLT judgment dated 2024-08-14. Citation: TCN-2024-NCLT-00789. The application was filed by Mr. Jossy Steephen Kattur, the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 14 Aug 2024
- **Citation:** TCN-2024-NCLT-00789
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nandanam-tiles-and-sanitaries-pvt-ltd-a4cd2a7e

## Summary

### Background

The application was filed by Mr. Jossy Steephen Kattur, the Resolution Professional (RP) of Nandanam Tiles and Sanitaries Private Limited (Corporate Debtor), under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor. The Corporate Debtor entered CIRP on 19/01/2024. The applicant was appointed as the Interim Resolution Professional and thereafter as the RP of the corporate debtor on 17/02/2024. The CIRP period expired on 16/07/2024. The Committee of Creditors (CoC) decided with 100% voting rights to liquidate the Corporate Debtor due to its non-operational status and nil assets.

## Facts

Nandanam Tiles and Sanitaries Private Limited (the 'Corporate Debtor') underwent Corporate Insolvency Resolution Process (CIRP) commencing on 2024-01-19. Mr. Jossy Steephen Kattur served as the Resolution Professional (RP). Claims against the Corporate Debtor totaled Rs. 61,11,9/8,169/-, including claims from a secured creditor (M/s ARCIL), an unsecured financial creditor (SBI), and operational creditors. The Committee of Creditors (CoC) opted not to solicit Expressions of Interest (EOI) due to the Corporate Debtor's non-operational status and lack of identifiable assets, which impeded the CIRP. The CIRP period concluded on 2024-07-16. During the 6th CoC meeting on 2024-06-28, creditors unanimously voted for liquidation. The RP filed an application under Section 33(2)

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## Issues and analysis

### Issue 1: Whether the decision of the Committee of Creditors (CoC) to liquidate the Corporate Debtor under …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount and

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**Reasoning:** The court reasoned that the CoC, in its commercial wisdom, had unanimously decided to

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**Interpretation:** Section 33(2) of the IBC allows the Adjudicating Authority to pass a

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**Application:** In this case, the CoC had voted with a 100% majority to liquidate the Corporate

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## Parties

- **Judges:** T Krishna…; RAVICHANDRAN…
- **Appellants:** Jossy Steephen…
- **Respondents:** Nandanam Tiles…

## Timeline

- **2024-01-19 — CIRP Commen…**: Corporate Debtor entered Corporate…
- **2024-02-17 — RP Appoin…**: Applicant appointed as the Interim Resolution Professional and thereafter as the RP of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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